ASX 200 down 0.8%: Big four banks and tech shares drag the market lower

Australia and New Zealand Banking GrpLtd (ASX:ANZ) and Afterpay Ltd (ASX:APT) shares are under pressure on the ASX 200 on Wednesday…
The post ASX 200 down 0.8%: Big four banks and tech shares drag the market lower appeared first on The Motley Fool Australia. –

Worried young male investor watches financial charts on computer screen

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. The benchmark index is currently down 0.8% to 6,644.4 points.

Here’s what has been happening on the market today:

Bank shares drop lower.

The big four banks are giving back Tuesday’s gains and are weighing on the ASX 200 today. While all the banks are trading lower, the worst performer in the group is the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. The bank’s shares are currently down 0.85%.

Tech shares under pressure.

The shares of Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) are out of form on Wednesday and are trading notably lower. This has led to the  S&P ASX All Technology Index (ASX: XTX) losing 1.3% of its value today. Investors have been selling tech shares after a pullback on the technology-focused Nasdaq index overnight. The famous index recorded a 0.4% decline on Tuesday night.

Property shares tumble.

The property sector is under pressure today and is a sea of red. However, this is predominantly due to a large group of property shares trading ex-dividend this morning for their next payouts. Among the companies trading ex-dividend are the likes of BWP Trust (ASX: BWP), Charter Hall Group (ASX: CHC), and DEXUS Property Group (ASX: DXS).

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Sims Ltd (ASX: SGM) share price with a 2% gain on no news. The worst performer has been the Growthpoint Properties Australia Ltd (ASX: GOZ) share price with a 4% decline. This morning the property company’s shares traded ex-dividend for its upcoming 10 cents per share interim dividend. This will be paid to eligible shareholders on 26 February.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.8%: Big four banks and tech shares drag the market lower appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!